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Foxx

Do You BitCoin?

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13 minutes ago, row_33 said:

 

buy Bitcoin and you fly magically to the land where all your dreams come true

 

nice.

way to address the content of the post :thumbsup:

 

Gandhi once observed that every movement goes through four stages: first they ignore you; then they abuse you; then they crack down on you and then you win.

 

can you guess where we are at?

Edited by Foxx

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10 minutes ago, Foxx said:

nice.

way to address the content of the post :thumbsup:

 

people in lockstep over it will never admit the problems with it

 

what would be the point of continuing in the worship of it?

 

 

another get rich quick scheme that will collapse BOOM

Edited by row_33

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14 minutes ago, row_33 said:

 

people in lockstep over it will never admit the problems with it

 

what would be the point of continuing in the worship of it?

 

 

another get rich quick scheme that will collapse BOOM

what are the problems that you see? it's obvious you didn't read the statement.

 

i see it as much more of a movement than a scheme. it is a trustless mechanism which means that it is honest. one where the select few cannot impoverish mankind (decentralized). do you understand the benefit for the unbanked population of the planet (of which i might add is far in the majority)?

 

 

Edited by Foxx

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10 minutes ago, Foxx said:

what are the problems that you see? it's obvious you didn't read the statement.

 

i see it as much more of a movement than a scheme. it is a trustless mechanism which means that it is honest. one where the select few cannot impoverish mankind (decentralized). do you understand the benefit for the unbanked population of the planet (of which i might add is far in the majority)?

 

 

How are the unbanked going to afford BitCoin @ $10,000?

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5 minutes ago, GoBills808 said:

How are the unbanked going to afford BitCoin @ $10,000?

1 bitcoin: 1.00000000

 

$10,000 is nothing. @ $10k, .0000001 is $.01 

 

cryptos in general are the boon to the unbanked.

 

BTC will most likely end up as an intra-state settlement vehicle.

Edited by Foxx

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32 minutes ago, Foxx said:

nice.

way to address the content of the post :thumbsup:

 

Gandhi once observed that every movement goes through four stages: first they ignore you; then they abuse you; then they crack down on you and then you win.

 

can you guess where we are at?

       Sounds like the path of a Bills fan.  Except for that final win.

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17 minutes ago, GoBills808 said:

How are the unbanked going to afford BitCoin @ $10,000?

Each BTC is divisible out to 8 decimal places.  You can buy $20 worth of BTC if you want. 

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1 hour ago, Jauronimo said:

Each BTC is divisible out to 8 decimal places.  You can buy $20 worth of BTC if you want. 

So that’ll get you 1/5000th of a hitman?

23 hours ago, Jauronimo said:

I suppose crypto assets have "no intrinsic value" from the standpoint of traditional equity analysis but plenty of other assets have value that do not produce cash flows.  Comparing bitcoin to speculation on fungus infected tulips solely because of rapid price appreciation demonstrates very little understanding of the situation.  Fun talking points but they ring hollow.

 

Why does gold or silver have any particular value?  Their actual use in tech and products is minimal.  Production grows every year.  Is there really anything more to it than we as a species like shiny stuff that stays shiny?  Not too long ago our paper money and the full faith and credit of the U.S. was based on how much shiny stuff we had yet people balk at crypto like the concept is totally unheard of.

 

Now we have a digital asset with a true finite amount that can act as digital shiny stuff in a trustless environment sans central bank or clearinghouse.  And unlike physical shiny stuff, you can carry a fortune of it in your pocket and send it across the globe in an instant.  Sounds like a process improvement to me.

Actual use of gold in tech and products is minimal? 

 

Maybe compared to steel and concrete, but there are an ton more practical applications for gold than Bitcoin.

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1 hour ago, Jauronimo said:

 You can buy $20 worth of BTC if you want. 

 

Until it's accepted for purchase, you will keep measuring its value in govt backed currency, and that is its problem.

 

Bitcoin is not the first alternative currency to make the claim of making a run at government backed ones. Not even the first digital one. 

 

 

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28 minutes ago, GoBills808 said:

So that’ll get you 1/5000th of a hitman?

Actual use of gold in tech and products is minimal? 

 

Maybe compared to steel and concrete, but there are an ton more practical applications for gold than Bitcoin.

Name the practical applications of gold and how much of gold's per ounce value is based on its practical application?

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1 minute ago, Jauronimo said:

Name the practical applications of gold and how much of gold's per ounce value is based on its practical application?

Pretty much every electronic device has gold in it...and much like everything else (and in particular the topic of this thread), its practical application is only one factor in establishing market value, along with scarcity, public perception, etc

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25 minutes ago, BeginnersMind said:

 

Until it's accepted for purchase, you will keep measuring its value in govt backed currency, and that is its problem.

 

Bitcoin is not the first alternative currency to make the claim of making a run at government backed ones. Not even the first digital one. 

 

 

Bitcoin doesn't even aim to be a currency anymore from what I understand.  Blockstream says bitcoin is essentially digital gold.  No one uses gold in purchases.  It still has value. 

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5 minutes ago, mead107 said:

Meadcoin dbl in price today. 🤫

 

YOU’RE RICH!!! You can fund all future tail gate activities if you play this right. :)

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43 minutes ago, mead107 said:

Meadcoin dbl in price today. 🤫

 

36 minutes ago, Augie said:

 

YOU’RE RICH!!! You can fund all future tail gate activities if you play this right. :)

 

I do not see how that works.  It went from mead paying a beer (or piece of stromboli) for every mead coin accepted to paying two beers or two pieces.

How does that fund future tailgate activities? 

And he is NOT RICH.  I know R. Rich and he is not even in same weight class.

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12 minutes ago, Limeaid said:

 

 

I do not see how that works.  It went from mead paying a beer (or piece of stromboli) for every mead coin accepted to paying two beers or two pieces.

How does that fund future tailgate activities? 

And he is NOT RICH.  I know R. Rich and he is not even in same weight class.

r. Rich is 2 feet taller.  🤨

If  you promise to show up at the tailgate party I will give you a meadcoin. 

Plezmed owns one. 

Edited by mead107

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13 hours ago, mead107 said:

r. Rich is 2 feet taller.  🤨

If  you promise to show up at the tailgate party I will give you a meadcoin. 

Plezmed owns one

2

My most cherished possesion, even changed my will to specify where it goes upon my demise

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On 2/6/2018 at 5:47 AM, BeginnersMind said:

 

I have no problem with this argument and it backs what I’ve been saying. No one values bitcoin or its alternatives. You can use it to make a small number of trades for services but not many. 99.9999% of transactions still require a medium directly related to govt backed currency, which is why this was a senseless bubble. 

 

Can it become an accepted currency? Sure. But despite blockchain technology, it’s currently following a well trodden path of wildly unsuccessful attempts to dethrone government backed currency. 

 

I wish it luck but if the digital metals-backed currencies didn’t catch on, I have serious doubts about the blockchain currencies, except in very narrow sectors. 

 

 

If nobody valued it - then you could't exchange it right now for thousands of $.   Obviously lots and lots and lots of people do value it and other crypotcurrencies.

 

19 hours ago, BeginnersMind said:

 

Until it's accepted for purchase, you will keep measuring its value in govt backed currency, and that is its problem.

 

Bitcoin is not the first alternative currency to make the claim of making a run at government backed ones. Not even the first digital one. 

 

 

 

Hard to ultimately predict what is going to happen with Bitcoin itself regardless of whether or not it becomes accepted widely as a currency.

 

Right now it appears that Bitcoin is better suited for and more commonly being used as a store of value - like gold is widely used as.

 

Some other (better designed) cryptocurrency is more likely to become the leading accepted currency across the globe.   And even then it is very unlikely that it will become too widely used in any major country - as large country governments must retain control over their own currency in order to attempt to maintain economic stability.   They simply won't allow it.   They will outlaw it if it gets too popular.   They will be forced to.

 

All of this Cryto-stuff is still in its infancy.   We haven't seen the finished product yet.   Not even close in my opinion.

 

A government created crytocurrency that they can monitor and track forever is very likely to come at some point in the future.   First in some other smaller countries way before the United States.

 

I can see a day in the distant future where governments issue a blockchain based currency tied to a person's government issued ID# (like a social security number).   Then every single transaction taking place using that currency has a permanent record that will make it easy to identify/track down crimes involving money and also track down tax evasion.

 

Or perhaps they issue that currency for corporate entities and retain a dollar style system for individuals.   It is coming though.  Eventually.

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Extraordinary Popular Delusions And The Madness Of Crowds by Charles MacKay

 

great work on tulip mania and other swindles of the gullible, my favourite anecdote has to be:

 

But the most absurd and preposterous of all, and which showed, more
completely than any other, the utter madness of the people, was one, started by an
unknown adventurer, entitled "company for carrying on an undertaking of great
advantage, but nobody to know what it is.
"
Were not the fact stated by scores of credible
witnesses, it would be impossible to believe that any person could have been duped by
such a project. The man of genius who essayed this bold and successful inroad upon
public credulity, merely stated in his prospectus that the required capital was half a
million, in five thousand shares of 100 pounds each, deposit 2 pounds per share. Each
subscriber, paying his deposit, would be entitled to 100 pounds per annum per share.
How this immense profit was to be obtained, he did not condescend to inform them at
that time, but promised, that in a month full particulars should be duly announced, and a
call made for the remaining 98 pounds of the subscription. Next morning, at nine o'clock,
this great man opened an office in Cornhill. Crowds of people beset his door, and when
he shut up at three o'clock, he found that no less than one thousand shares had been
subscribed for, and the deposits paid. He was thus, in five hours, the winner of 2,000
pounds. He was philosopher enough to be contented with his venture, and set off the
same evening for the Continent. He was never heard of again.
 

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lol. the internet was just a bulletin board. Amazon was just a bookstore..... 

it's too bad you can't see where this is going.....

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